Securities and Exchange Board of India (Sebi) Chairman Ajay Tyagi said on Tuesday that the market regulator does not want mutual funds to come up with new fund offerings (NFOs) based on crypto assets until what the government announced regulations for cryptocurrencies.

Although investing and trading in crypto assets is allowed in India, the laws are still unclear on how they are regulated and taxed.

Tyagi’s comments came after asset management firm Invesco Mutual Fund delayed its blockchain fund last month due to legislative uncertainty, despite Sebi’s approval.

The remarks technically mean that Sebi will not allow any blockchain or crypto funds until the regulations are clear.

Invesco CoinShares Global Blockchain ETF Fund of Fund (FoF) was the first program in India to gain approval from Sebi which provides exposure to global companies participating in the blockchain ecosystem.

The program was originally scheduled to open for subscription on November 24.

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